YEREVAN. - Future Tax Code, currently in progress in Armenia, is called to leave less space for shadow economy.

Ms Teresa Daban Sanchez, the IMF resident representative in Armenia, told the aformentioned at the conference “Enabling Environment for Sustainable Enterprises in Armenia”, which was organized by the International Labor Organization (ILO) and the Republican Union of Employers of Armenia (RUEA).

According to her, the Tax Code needs to shift the focus of collection from production towards consumption, to eliminate loopholes for tax evasion and tackle shadow economy, which by different estimates occupies 30-50% of Armenian economy.

Further tax reduction and streamlining are needed for tax compliance, to make the system transparent and predictable, she added.